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This was a bill passed to charter the Second Bank of America. Congress passed it, and a week later Andrew Jackson Vetoed it.
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On July 10th, a week after the Bank Charter was passed, Andrew Jackson vetoed the bill.This veto helped him win the next election because this is what the southerners and westerners wanted.
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Jackson easily won this election over Henry clay due to his veto because he had the support of the south and the west. After the election he went on to shut down national banks even more.
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In Jackson's attempt to remove the national bank he created 7 "pet banks" which were just banks that were placed in the states and received federal deposits.
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In Jackson's process to close the second national bank he removed federal deposits, this helped divide the political parties into two seperate ones.
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The panic of 1837 was a financial crisis in the United States that led to a major recession, that lasted until the late 1840's. profits, prices, and wages went down, while unemployment increased.